NEW YORK: Holed up in a swish Marriott hotel suite facing New York City s Central Park with his cell phone switched off and receiving no calls Nirav Modi could well be contemplating the rise and fall of India s first globally branded diamond business exemplified by his boutique store right around the corner at 734 Madison Avenue. To the right of the Nirav Modi store is Kwiat a family owned house of diamond jewellery design going back to 1907. To the left is the luxury Swiss watch manufacture Vacheron Constantin founded in 1755. Across the street is Chanel Givenchy. Roberto Cavalli and other pricey brands that form the core and lore of the world of high fashion. On this bleak winter day the Nirav Modi store is open and a store manager who gives her first name as Tatiana and politely declines to giver her last name has a spare cryptic statement about a man who is said to be on the lam from India after allegedly defrauding one of the country premier banks: This matter has no affiliation legal or otherwise with Firestar International Limited which is the flagship enterprise of Mr Nirav Modi she says rapidly. No other questions are entertained and the conversation is terminated abruptly when asked if Modi will address allegations relating to his transactions with the Punjab National Bank. Of course it is not hard to trace Tatiana Waldman s association with Nirav Modi. She was a sales associate with Cartier for eight years before joined Nirav Modi in January 2016 as a high jewelry specialist after a brief stint with De Grisogono. That would have been just months after the Mumbai-born Antwerp-raised Indian diamantaire opened his first stores in New York City and Hong Kong. Stores in Beijing Macau Mumbai New Delhi Hawaii and Las Vegas followed in keeping with Modi s ambitious vision to open down a staggering 100 stores worldwide by 2025 a feat that would have eclipsed even the legendary Harry Winston. Even allowing for spectacular success stories in modern entrepreneurship Modi s rise even at current form is dizzying in what is considered a legacy business. Brands such as Tiffany Chopard Harry Winston Cartier Bvlgari and others have taken decades to build and burnish a brand and here was a young upstart going toe-to-toe neck-and-neck with them (at least in terms of visibility if not revenue) less than a decade after he dipped his toes in the retail branded business. In fairness it might be uncharitable to call him a neophyte. Modi belongs to a third-generation diamond trading family in Antwerp Belgium whose diamantaires largely trace their origins to Palanpur and whose scions are mostly interlinked by marriage. Although many of them including Modi s family have made fortunes in the business by selling diamonds to American retailers such as JC Penney and Zales few have dared to take a stab at the high-profile global branded business dominated by the likes of Cartier Tiffany Bvlgari Piaget etc. Dropping out of Wharton Nirav Modi embarked on precisely that path in 2010 and by 2017 he was the talk of the trade not only for his boutique stores the craftsmen he hired and the jewelry he produced but who wore them and where. Among those who were swathed in his pieces at last year s Oscar s were Kate Winslet Naomi Watts Karlie Kloss Kate Upton and Rosie Huntington-Whiteley. The stand out though was Taraji Henson who was accessorised with a showstopping 103-carat diamond-crusted collar by Nirav Modi that attracted rave reviews besides winning Town and Country s Red Carpet Award for the Luminance Necklace. That necklace was outrageously well reviewed gem-watcher Marion Fasel of The Adventurine an online magazine dedicated to covering contemporary new designers and celebrity favorites wrote. Modi is every-where his jewelry has been on so many stars at the red carpet. Back in India too there was the red carpet before the red flags began to be raised particularly when he roped in Priyanka Chopra also a part-time New York City-resident like him to buff the brand. Towering several inches above Modi Chopra endorsed his vision of becoming India s first luxury brand with a Say Yes Forever campaign before it became it turned into maybe not. The actress is now said to be seeking legal opinion to terminate her contract with Modi after the PNB matter came to light.
Written by Deeptiman Tiwary | New Delhi | Updated: February 17 2018 7:45 am ED officers at a Nirav Modi showroom in New Delhi Thursday. (Express Photo: Tashi Tobgyal) AS the BJP and Congress blame each other for looking the other way while diamond czar Nirav Modi and his family allegedly defrauded the Punjab National Bank the CBI has said that a majority of the Letters of Understanding (LoUs) in the Rs 11 400-crore scam were either issued or were renewed in the bank in 2017-18. The CBI on Thursday registered a fresh FIR in the case against Mehul Choksi maternal uncle of Nirav Modi and his three companies claiming that they swindled PNB to the tune of Rs 4 886.72 crore in 2017-18 by way of getting 143 LoUs issued through the bank. Read | PNB scam effect: LIC Gitanjali loses Rs 1400 crore in three days Notably the first FIR in the case dealing with alleged swindling of Rs 280.7 crore through eight LoUs registered by the agency on January 31 also mentions that the LoUs were issued in 2017. To this FIR CBI has now added new information provided by PNB on Wednesday and estimated the total loss in the first FIR at Rs 6 498 crore. The cumulative figure for the total loss to PNB thus stands close to Rs 11 400 crore. CBI sources said that since the accused Modi and his relatives were rolling over the LoU money by way of getting them renewed many old LoUs too have been renewed in 2017.The CBI on Friday questioned four PNB officials in connection with the case. Notably they are all being probed for their dealings with Modi and his companies between 2014 and 2017. Also read | Punjab National Bank: Opposition govt trade charges These included Bechu B Tiwari chief manager of the Bank s Nariman Point Branch in Mumbai between February 2015 and October 2017; Sanjay Kumar Prasad current DGM of the bank and then AGM of Brady House Branch between May 2016 and May 2017; Mohinder K Sharma then concurrent auditor between November 2015 and July 2017 and Manoj Kharat then Single Window Operator holding office between November 2014 and December 2017. Boxes of jewellery sealed by investigators line a display at a Nirav Modi showroom in Delhi The FIR registered on Thursday against Choksi says: Accused Bank officials Gokulnath Shetty and Manoj Kharat in connivance with accused companies and directors during 2017-18 defrauded PNB to the tune of Rs 4886.72 crore in issuance of fraudulent and unauthorised LoUs in favour of foreign branches of different India-based banks and purported LCs (Letters of Credit) in favour of foreign suppliers of the accused companies. The FIR names 16 accused which includes Choksi his three companies Gitanjali Gems Gili India and Nakshatra Brand; one managing director 10 directors and two PNB officials apart from unknown people. It alleges that apart from getting 143 LoUs issued Choksi also got 224 Foreign Letters of Credit (FLCs) through PNB. According to the FIR Shetty and Kharat deliberately omitted making entries of LoUs issued on behalf of Choksi s companies in the Core Banking System (CBS) of the bank to avoid detection. Funds raised were meant to be used for payment of import bills of accused companies whereas it was dishonestly and fraudulently utilised for discharging the earlier liabilities on account of buyer s credit facility by overseas branches of Indian banks the FIR said. The modus operandi regarding issue of FLCs (Foreign Letters of Credit) the FIR says was that they were opened initially by entering smaller amounts in the CBS and sending FLCs through SWIFT messages. The accused bank officials unauthorisedly enhanced the value of FLCs manifold and issued amendments to said FLCs but did not enter the same in CBS the FIR said. In its complaint to CBI PNB has raised questions on the conduct of officials in the foreign branches of various banks as well. It has said that according to RBI guidelines LoUs for trade in jewellery and diamonds is issued only for a period of 90 days but PNB officials were issuing LoUs for a period of even six months to a year. This PNB said should have raised an alarm in the foreign branches. CBI on Friday conducted raids at 26 locations across six cities in five different states in connection with the PNB scam case. ED too has searched 35 locations across 11 states in connection with the case and seized jewellery and diamonds worth Rs 549 crore. The searches were conducted at locations connected to Modi and Choksi. All premises searched by CBI are connected to companies owned by Mehul Choksi. The companies include Gitanjali Gems Gili India and Nakshatra Brand. CBI sources said these three companies have 36 subsidiaries in India and abroad. The agency has carried out searches at premises connected to 18 subsidiaries in India. Of these 17 are in Mumbai and one in Hyderabad. The searches were conducted in Maharashtra (Mumbai and Pune) Gujarat (Surat) Rajasthan (Jaipur) Telangana (Hyderabad) & Tamil Nadu (Coimbatore). Following the CBI FIR on Choksi ED has also identified 29 immovable properties belonging to the accused. It has summoned Modi and Choksi to its Mumbai office on February 23. It has also got orders issued from Nirav Modi s office that their subsidiaries and showrooms in Macau Beijing New York and London not make any further sales. Meanwhile prosecution in the case of Nirav Modi has been filed under Income Tax Act for which hearing has been fixed on February 27. The Government said that the 105 bank accounts of Modi and his family and group concerns have been attached by the Income Tax department. The accused mentioned in the fresh FIR filed by CBI include Choksi (Managing Director Gitanjali Gems); Gokulnath Shetty (retired DGM of PNB); Manoj Kharat (then single window officer of PNB); and companies Gitanjali Gems Ltd Gili India Ltd Nakshatra Brand Ltd; directors of the companies Krishnan Sangameshwaran Nazura Yash Ajaney Dinesh Gopaldas Bhatia Aniyath Shivraman Nair and Dhanesh Vrajlal Sheth Jyoti Bharat Vora Anil Umesh Haldipur Chandrakant Kanu Karkare Pankhuri Abhijeet Warange Mihir Bhaskar Joshi and unidentified bank officials. For all the latest India News download Indian Express App Tags: Nirav Modi PNB Mayur PanghaalFeb 17 2018 at 7:48 amBJP is least concerned.They have milked so much money in the past 5 years that they can go without coming to power for atleast 50 years more.(3)(0) Reply Anthony Deodaunia WilliamFeb 17 2018 at 7:32 amAnd the indians are forced to believe that everything happened during Congress. When is Modi and Bkhats going to accept that BJP was voted not to dig into past. Cant keep money in Bank-NiMO will take Cant keep money at Home-NaMO will take Cant invest in cricket-LiMO will take(4)(0) Reply SSphinxFeb 17 2018 at 7:22 amNow the bjp politicians must shut up with their political blame game and focus on recovery. So-called clean and nationalistic BJP is now at same level as UPA1 when it comes to scam or controlling the terror attacks.(3)(0) Reply Rakesh Kumar TalwarFeb 17 2018 at 7:18 amToday I am going to withdraw all the money which has been deposited by me in PNB.(5)(0) Reply Prasanta MishraFeb 17 2018 at 6:51 amNo ur honour it is upa and khangress we are milkwashed..understand our deshbhakti.(34)(0) Reply Load More Comments
KOCHI: The State Bank of India does not have any direct exposure to the billionaire diamond trader Nirav Modi who is involved in over Rs 11 000 crore letter of undertaking scam stated its chairman Rajnish Kumar here. Though the bank has an indirect link through Punjab National Bank Kumar preferred to play it down and said it is a small one. Our exposure to gem and jewellery segment is less than 1 % of our total domestic loan portfolio amounting to Rs 16 lakh crore and is quite manageable he told media persons. He later said the exposure to PNB was to the tune of 200 million. SBI chairman was in Kochi to inaugurate the bank s global NRI centre which will be a one-stop customer service centre for all NRI related services of the bank. Terming the LoU scam incident as unfortunate he said SBI is in the process of further strengthening its credit risk advisory system which it had beefed up two years ago. The credit risk advisory system will play a much bigger role though the loan decision will be a collective one he said. Describing the banking transactions as risky business he said SBI has elaborate system of risk management including internal and external audits and surprise checks. The effort is a continuous one and we keep plugging any gaps in the processes. . But he added that despite checks a breach of trust can happen. The SBI chairman admitted that in the last two years there had been problems revolving around projects for corporate loans which he referred to as unsual . He said the percentage of NPAs has gone beyond the tolerance limit for any credit risk process which he believed was a transitory phase. Though the NPAs in the retail loan sector particularly in agriculture has gone up too the bank has been focusing more on retail loans. Dispelling the notion that banks have been granting more loans to corporates Kumar said 60% of SBI loans are in the retail sector. The global NRI centre will centralise operations of the bank currently spread across 16 circles 92 NRI branches in 66 different locations and several NRI intensive branches. NRI accounts amounted to 8% of its total deposits with Kerala Gujarat Punjab and Delhi having a prominent share. Who is Nirav Modi the man at the centre of Rs 11 300-crore PNB fr... of 6NextPrevPlay SlideshowHautest diamantiere15 Feb 2018 Nirav Modi was more than just another diamond merchant whose eponymous jewellery label blazed its trail across high streets of Madison Avenue or MGM Macau and Marina Bay Sands within a span of a decade to emerge as the biggest luxury label to have ever come out of Asia. Till the law caught up with him. Here are things we bet you did not know about Nirav Modi the man in the eye of PNB storm.High ambitions15 Feb 2018The 46-year-old diamond merchant who has always been at the centre of a glittering and effervescent universe is a quintessentially sharp Gujarati entrepreneur dead serious about building a global empire. The selection of his models stores or even roping in former Facebook country head Krithiga Reddy as an advisor underscores that burning ambition. Diamonds in DNA15 Feb 2018For Modi who has built a billion dollar enterprise diamonds are in his DNA. His father also a diamond jeweller migrated to Antwerp Belgium but Modi returned to Mumbai to learn the trade from maternal uncle Mehul Choksi who like Modi have also faced allegations of fraud.Breakout moment15 Feb 2018The Diamond Czar whose pieces ranging from Rs 5 lakh to Rs 50 crore have found a permanent perch across celebrity collarbones had a breakout moment in 2010 when an intricately designed lattice necklace in pink and colourless diamonds racked up 3.56 million at the Christie s Hong Kong auction.Thinking big15 Feb 2018His associates however argue that Modi-- the first Indian jeweller to get featured on the cover of Christie s catalogue-- had been plotting his moves from much before. He had already in 2005 bought into Frederick Goldman his biggest customer in the US. Two years later Modi expanded his US distribution through a majority partnership in Sandberg & Sikorski owners of the 120-year-old luxury bridal jewellery brand A Jaffe.Next
New Delhi: HighlightsNirav Modi wanted for 11 300-crore Punjab National Bank fraud Modi s uncle Mehul Choksi and other relatives also among accused Modi is celebrity jeweller India moves to cancel his passport As everyone talks about the billionaire Nirav Modi and his alleged 11 300- crore swindling of Punjab National Bank(PNB) investigators are now uncovering the extent of his ultra-lush lifestyle.He made frequent appearances in glossy magazines for his A-lister parties in cities and enrolled top actresses and models (Priyanka Chopra Rosie Huntington Whiteley) as the brand ambassadors for his jewellery. Rosie Huntington-Whiteley (centre) wearing Nirav Modi s three-strand Maharani necklace with emerald beads and over 146 carats of diamondsIn November two months before he left the country (now a major controversy given the scam he s accused of) he threw a party at the Four Seasons in Mumbai. Attendees included actress Sonam Kapoor. They were catered to by a three-star Michelin chef Massimo Bottura from Italy who has appeared on TV talk shows including the one hosted by Jimmy Kimmel. The chef whose restaurant in Modena is voted as one of the world s 50 best restaurants prepared a seven-course exclusive meal for Nirav Modi s guests. If they wanted to eat at his exclusive restaurant called Osteria Francescana they d probably have to wait for months just to get a reservation. Nirav Modi with Chef Massimo Bottura from ItalyWhen he wasn t throwing lavish dinners in India Nirav Modi one of the richest Indians at age 47 was showering his brand ambassadors with mega TLC. When model and actor Lisa Haydon came back work modelling after having her baby last year Nirav Modi threw her a party at Le Grand Palais in Paris in September. It was just months after she had a baby boy and so it was an opportunity to host her as she showed off Pear Emerald Suite. Lisa Haydon wearing Nirav Modi s Pear Emerald Suite at the Le Grand Palais in ParisPriyanka Chopra has said she is weighing whether to end her contract with Nirav Modi. Nirav Modi s company had named Priyanka Chopra as its brand ambassador last year.But for agencies like the Enforcement Directorate and CBI the details of his lifestyle and associates are a minefield of information and leads about excess of wealth and how to pin it down to the cheating and forgery case that has now to be proved in courts.Nirav Modi a Wharton dropout is known for his love of Bentley cars and expensive Italian suits. Sonam Kapoor wearing the Nirav Modi Tutti Frutti Ring and Constellation HoopsLast month Punjab National Bank (PNB) -- India s second-biggest state-owned lender -- approached the Central Bureau of Investigation alleging that Mr Modi and members of his family defrauded it of 43.8 million. PNB then said this week that it has detected fraud of almost 1.6 billion at a single branch in Mumbai.Yesterday investigators raided his Mumbai home and his offices in Delhi. The Enforcement Directorate claims it has recovered gold and diamond jewellery worth nearly 5 000 crores in those searches.The government say that Nirav Modi left India in early January before PNB detected either of the two fraud cases. The Enforcement Directorate raided 17 premises linked to Nirav Modi.It was under the tutelage of his entrepreneurial uncle Mehul Choksi the head of India s Gitanjali Diamonds and now also caught up in the fraud storm that Nirav Modi learned his trade. CommentsClose X In 1999 he founded Firestone -- now called Firestar -- a diamond giant currently boasting revenues of 2.3 billion.He set up the eponymous Nirav Modi brand in 2010. The high-end chain has showrooms in some of the world s major cities including London Beijing and Hong Kong.
NEW DELHI: The gems and jewellery portfolio is fast becoming a hot potato for banks that have been caught off-guard by the alleged financial irregularities in state-owned Punjab National Bank. A fraud of this magnitude allegedly by Nirav Modi the man at the centre of the storm who hails from a family of diamond merchants with an empire spread across continents has raised eyebrows and questions alike. The alleged involvement of Modi s uncle Mehul Choksi of Geetanjali Gems has cast its shadow on the gems and jewellery portfolio of the banking sector given the big names that have cropped up. These raise concerns particularly with respect to exposure in gems & jewellery segment said Edelweiss Securities. The brokerage though noted that high exposure to the segment does not necessarily suggest stress as the transaction being discussed is one-off intentional and unauthorised incident. Here is a table that throws light on the exposure each bank -- private or state-owned -- has in the gems and jewellery sector according to their latest quarterly filings. At the time of filing this report the PNB stock has already fallen by one-fourth since the Rs 11 400-crore alleged fraud at one of its Mumbai branches came to light. Big lenders SBI and Union Bank are believed to have an exposure of 1.8 billion in the PNB fraud case. Allahabad Bank s is seen at about Rs 4 000 crore while that of Union Bank is projected at around Rs 1 000-2 000 crore. The corresponding figure for Axis Bank reads about Rs 2 000-3 000 crore. According to news reports the RBI has asked PNB to pay the entire Rs 11 300 crore owed to counterparty banks. Market watchers said the issue has surely dented the image of banks especially the PSU lenders as it reminds them of a similar fraud by Winsome Diamond a few years ago. Such instances of financial oversight and the resultant pressure on asset quality will be an overhang on valuations for PSU banks said Edelweiss Securities. Industry leaders meanwhile hope this should be a one-off issue. Unfortunately these things unnecessarily add a bad name to the banking sector. I am sure that this is not a systemic issue in the banking system and is one-off incident Keki Mistry of HDFC told ET Now.
PNB Fraud Case LIVE Updates: Nirav Modi is the main accused in the Rs 11 300 crore PNB scamNew Delhi / New York: The passports of Nirav Modi and Mehul Choksi have been suspended for four weeks today as CBI and Enforcement Directorate are carrying out investigations and sought its revocation. Billionaire jewellery designer Nirav Modi and his partner Mehul Choksi are the main accused in the Rs 11 300 crore Punjab National Bank fraud termed India s biggest banking scandal. Earlier today NDTV traced Nirav Modi to an upscale apartment in Midtown Manhattan.Sources have confirmed to NDTV that Nirav Modi the main accused in alleged fraudulent transactions of over Rs 11 300 crore through 150 letters of understanding issued by Punjab National Bank has been discreetly living at New York s JW Marriott Essex House at 160 Central Park South which includes both a hotel and apartments. The section where Nirav Modi has been living is situated in a premier location overlooking New York s well known Central Park.Nirav Modi who holds an Indian passport left India on January 1 while his brother Nishal a Belgian citizen left the country on the same day. However whether they travelled together has to be investigated. Nirav Modi s wife Ami a US citizen also left on January 6 and his uncle and business partner Mehul Choksi the promoter of Gitanjali jewellery chain left on January 4 the officials said.Apart from the CBI the Enforcement Directorate also moved a separate application with the External Affairs Ministry seeking urgent and immediate revocation of passports of Nirav Modi and Mehul Choksi. Here are the latest and LIVE updates about billionaire jewellery designer Nirav Modi and the Punjab National Bank Fraud: Feb 16 201817:28 (IST)Replying to a question by a reporter during a press conference today about the PNB Fraud MEA Spokesperson Raveesh Kumar said I thing you are asking the wrong person. We come into the picture only when we are advised by the agencies. We do not know where Nirav Modi is. We aren t in touch with him. Feb 16 201817:24 (IST) CBI is carrying out searches in 26 places across India after naming three companies in fresh police complaint registered in PNB fraud case news agency PTI reported. Feb 16 201817:23 (IST) We must understand that a banking fraud has nothing to do with the government. Coal Scam 2G Scam Jijaji Scam were all government scams. Jijaji ghotala you know very well..that s a scam Mr Javadekar said as he referred to Robert Vadra. The banking system was destroyed by the UPA and this issue is something we have inherited from them he added. Feb 16 201817:16 (IST)BJP Government Brought Scam To Light: Prakash JavadekarThe issue came to light when we decided to make the banking system more transparent. So it was the BJP government that brought the scam to light. It originated during the UPA government. All these scams took place during this time. We want to ask why didn t the Punjab National Bank fraud case come to light earlier but in 2017... because there was no proper system. Feb 16 201817:15 (IST) It is a bank related matter not a government related one. If the bank issued unreasonable loans how is the government responsible for this Mr Javadekar said while addressing the reporters. Feb 16 201817:14 (IST)The banking system was destroyed by the UPA and this issue is something we have inherited from them: HRD Minister Prakash Javadekar Feb 16 201817:02 (IST)Rahul Gandhi had attended a show held by Nirav Modi on September 13 and on September 14 the Allahabad bank was alerted about this case. After this Mr Dubey complains to the finance secretary who instead of investigating asked Mr Dubey to resign. We want had put pressure against investigating the matter? This happened during the UPA rule in 2011: Prakash JavadekarFeb 16 201814:19 (IST)Breaking News: Passports of Nirav Modi Mehul Choksi suspended for 4 weeks by government amid bank scam investigation. They both left India in JanuaryFeb 16 201812:39 (IST)Enforcement Directorate Raids Nirav Modi s Mumbai Botique And OfficeThis morning officials from ED raided Nirav Modi s showroom and office in Mumbai s Kala Ghoda area. Yesterday in searches at 17 Nirav Modi properties in multiple cities the Enforcement Directorate claimed found diamonds jewellery and gold worth Rs. 5 000 crore. More assets will be seized more premises will be raided. Till now we have found assets only half the fraud money. Our priority right now to recover assets worth at least equivalent to fraud amount an official told NDTV this morning.Watch the video below:Feb 16 201811:06 (IST)10 Latest Developments About Nirav Modi And The Rs 11 300 Crore Punjab National Bank FraudAmid investigations against celebrity jeweller Nirav Modi in connection with a massive bank scam the CBI has contacted Interpol. Nirav Modi who left India days before the CBI started investigating him in connection with the bank scam is in New York staying at the JW Marriott Essex House a luxury hotel not far from his Manhattan showroom NDTV has learnt. Raids on Nirav Modi will continue until investigators can seize enough wealth to cover the amount involved in the Punjab National Bank (PNB) swindle - Rs 11 300 crore - sources have told NDTV. This morning teams of officials returned to the celebrity jeweller s showroom and office in Mumbai.Here are the 10 latest updates about billionaire jewellery designer Nirav Modi and India s biggest banking fraud - the PNB scandal:1) Yesterday in searches at 17 Nirav Modi properties in multiple cities the Enforcement Directorate found diamonds jewellery and gold worth Rs. 5 100 crore.2) More assets will be seized more premises will be raided. Till now we have found assets only half the fraud money. Our priority right now to recover assets worth at least equivalent to fraud amount an official told NDTV this morning.3) The government has said that Nirav Modi s passport will be cancelled. The billionaire left India on January 1 long before the bank scam exploded.4) The raids on Nirav Modi 48 followed PNB s http://www.magcloud.com/user/kkabhibus complaint that it had been cheated of around Rs 11 300 crore of taxpayer s money by Nirav Modi his family members and business partner Mehul Choksi who are accused of using fake guarantees to get credit from banks overseas.5) The CBI filed a formal case charging four Nirav Modi his wife Ami brother Nishal and Mehul Choksi on January 31 after PNB complained of fraud worth Rs 280 crore.6) Earlier this week India s second biggest government bank told the CBI that the amount was closer to a staggering Rs 11 300 crore.7) Nirav Modi and the others left India in the first week of January long before the CBI filed the case. In the first week of February deeper into the investigations the investigating agency put out a lookout notice against the four.8) Nirav Modi s exit has fueled political sparring with opposition parties like the Congress drawing comparisons with Vijay Mallya s flight out of the country in the middle of attempts to recover billions in unpaid loans from him.9) The jeweller for stars in India and abroad was recently seen in a group photo in Davos with Prime Minister Narendra Modi. The Congress accused PM Modi of helping Chhota Modi escape the country though he had been aware of a scam since 2016 when a whistleblower wrote to him on Nirav Modi s uncle Mehul Choksi and warned that he would leave the country. The government called the charge shameful and declared that no one will be spared no matter how big . Nirav Modi s passport will be revoked said Union Minister Ravi Shankar Prasad.10) Last month the diamond billionaire was raided over charges that he and his associates had swindled Rs.280 crore from PNB. In a new complaint this week PNB pegged the scam at much more - around 1.8 billion or Rs. 11 300 crore. PNB told the stock exchange that its own officials at a single branch in Mumbai had helped Nirav Modi and others get credit without proper guarantees and in violation of rules. Taxpayers money had been illegally transferred abroad the bank said.Feb 16 201810:51 (IST)PNB Fraud: 10 Facts About Nirav Modi At The Centre Of India s Biggest Banking FraudNirav Modi the name on glossy billboards promising exclusive diamond jewellery is now at the centre of a colossal banking scandal involving fraud worth Rs 11 300 crore. Punjab National Bank has said that its own officials violated rules and put out illegal guarantee documents to help the celebrity jeweler secure credit from banks abroad.Feb 16 201810:48 (IST)Actor Priyanka Chopra Seeks Legal Opinion On Exiting Deal With Nirav ModiActor and former Miss World Priyanka Chopra roped in last year as the brand ambassador for Nirav Modi s designer jewellery hasn t sued the billionaire but is getting legal opinion on how to cancel her deal the actor s spokesperson said after the 48-year-old emerged as the target of a massive investigation into the Rs 11 300 crore scandal termed India s biggest banking fraud. There are speculative reports that Priyanka Chopra has sued Nirav Modi. This is not true. However she is currently seeking legal opinion with respect to terminating her contract with the brand in light of allegations of financial fraud against Nirav Modi her spokesperson said in a brief statement.Ms Chopra who scored Hollywood success with her hit series Quantico has been associated with the luxury diamond jewellery brand as its brand ambassador since January 2017. Priyanka embodies all the symbols of modern India while paving her own path which also represents the ethos of our brand the firm that has boutiques across three continents to sell its jewellery for prices varying between 5 lakhs to 50 crores had announced. The banking scandal however has led Ms Chopra to consider snapping ties with the brand.(Photo: Priyanka Chopra was roped in last year as the ambassador for Nirav Modi s jewellery designer brand)Feb 16 201810:35 (IST)Nirav Modi And The 2 Billion Fraud: What We Know So FarOn Valentine s Day one of India s biggest banks disclosed an almost 2 billion fraud allegedly by one of the country s richest men who deals in pearls and diamonds. Shares of the lender Punjab National Bank plunged on the news dragging down other lenders when it said the scam may extend to multiple banks. With several questions still unanswered here s what we know about the case so far.Feb 16 201810:27 (IST)Nirav Modi LIVE Updates: NDTV Investigates The Whereabouts Of Nirav Modi Main Accused In India s Biggest Banking FraudNDTV s in person questions to his staff at Madison Avenue showroom were not answered but this statement was given This matter has no affiliation legal or otherwise with Firestar International Limited which is the flagship enterprise of Mr. Nirav Modi. NDTV is currently awaiting a promised call from Nirav Modi s US management. In the mean while NDTV has also reached out to the FBI US Department of Justice and is awaiting a response. Watch the video here:Feb 16 201810:17 (IST)Nirav Modi LIVE Updates: What Happened At Nirav Modi s New York Apartment When News Of The PNB Scam BrokeNDTV s Namrata Brar managed to reach Nirav Modi s upscale suite on the 36th floor of Manhattan s JW Marriott Essex House overlooking New York s Central Park on Thursday afternoon. Three staff members informed NDTV that Nirav Modi and his wife Ami were out and only their children were home. Another source told NDTV the news is only in India he is safe in America right? . NDTV has also learnt that there was a great deal of activity on Wednesday night when multiple people gathered in his apartment at the same time that the news of the scam broke in India. Hotel staff claim to have seen the 48-year-old Nirav Modi who is unusually reticent at odd hours late into the night. His wife Ami Modi has been seen entering and exiting the building frequently during the day. By the time CBI a sent out the lookout notice in the first week of February a month had passed since Nirav Modi his uncle and business partner Mehul Choksi his brother Nishal Modi and his wife Ami Modi had long left the country in early January. Feb 16 201810:07 (IST) NDTV has learnt that Nirav Modi is staying in a luxe suite at the JW Marriott s Essex House in Manhattan a short walk away from his luxurious Madison Avenue jewelry retail store. The diamond billionaire is the main accused behind India s biggest banking fraud of 1.8 billion or over Rs. 11 300 crore. He left India on January 1 and was last seen in Davos Switzerland.Feb 16 201810:01 (IST)NDTV Exclusive Video: Nirav Modi s Suite At JW Marriott s Essex House In ManhattanFeb 16 201809:55 (IST) Apart from the CBI the Enforcement Directorate also moved a separate application with the External Affairs Ministry seeking urgent and immediate revocation of passports of Nirav Modi and Mehul Choksi.Feb 16 201809:25 (IST) Nirav Modi who holds an Indian passport left India on January 1 while his brother Nishal a Belgian citizen left the country on the same day. However whether they travelled together has to be investigated. Nirav Modi s wife Ami a US citizen also left on January 6 and his uncle and business partner Mehul Choksi the promoter of Gitanjali jewellery chain left on January 4 the officials said.(Photo: Billionaire jewellery designer Nirav Modi is being investigated in connection with the Rs. 11 400 crore Punjab National Bank scam)Feb 16 201808:55 (IST)Nirav Modi s New York Apartment At JW Marriott Essex House ManhattanNDTV has traced Nirav Modi to this upscale apartment in Manhattan s JW Marriott Essex House. Mr Modi s apartment overlooks New York s well known Central Park and is minutes away from his fancy showroom in the city.(Photo: Sources have told NDTV that billionaire jewellery designer Nirav Modi has been living in this upscale New York apartment)Feb 16 201808:46 (IST)Nirav Modi Latest Updates: Billionaire Jewelley Designer Traced To Upscale New York ApartmentSources have confirmed to NDTV that Nirav Modi the main accused in alleged fraudulent transactions of over Rs 11 400 crore through 150 letters of understanding issued by Punjab National Bank has been discreetly living at New York s JW Marriott Essex House at 160 Central Park South which includes both a hotel and apartments. The section where Nirav Modi has been living is situated in a premier location overlooking New York s well known Central Park.(Photo: Nirav Modi has been living discreetly at New York s JW Marriott Essex House. The section where Nirav Modi has been living is situated in a premier location overlooking New York s well known Central Park)Feb 16 201808:36 (IST) A day after the Central Bureau of Investigation or CBI India s premier investigation agency sought the revocation of passports of billionaire jewellery designer Nirav Modi and his partner Mehul Choksi in connection with a Rs 11 400 crore bank fraud NDTV has traced Nirav Modi to an upscale apartment in Midtown Manhattan.No more content CommentsClose X
MUMBAI: Bollywood actress Priyanka Chopra has been seeking a legal opinion with respect to terminating her contract with famous jewelry designer Nirav Modi s brand in light of allegations of financial fraud her spokesperson Natasha Pal said on Thursday. There are speculative reports that Priyanka Chopra has sued Nirav Modi. This is not true. She is seeking a legal opinion with respect to terminating her contract Pal said. The designer is entangled in controversy after 10 Punjab National Bank officials were suspended over financial fraud to the tune of 1.77 billion. According to the CBI Nirav Modi left India on January 1 days before CBI issued lookout circulars against the celebrated designer and his wife Ami an American citizen who left India on January 6. The CBI issued the circulars on January 31. Meanwhile the Enforcement Directorate on Thursday searched 17 premises of Nirav Modi Geetanjali Gems in relation to the PNB fraud case. Stocks of gold diamond and precious stones worth Rs 5100 crore were seized.
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